Struggling energy producer Gastar Exploration Inc plans to file for bankruptcy with a restructuring support agreement with its largest shareholders and creditors, affiliates of Ares Management LLC, to eliminate more than $300 million in debt and preferred equity and cancel common shares.
Trade creditors and obligations related to operations will not be affected by the agreement, which also will provide $100 million in new financing, Houston-based Gastar said in a statement on Friday.
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